Everstone buys Malaysian medical devices Co Chemopharm
India-focused private equity major Everstone Group has acquired Malaysian medical devices firm Chemopharm - its fourth in the healthcare segment for an undisclosed amount.
The deal will be carried out via Everlife, the Singapore-headquartered fund said in a statement today without offering the deal value.
The deal is done through a Singaporean partner Cure Capital as a co-investor.
Everlife is an Everstone platform specially created for the healthcare sector. The acquisition is being funded from the third fund Everstone Capital Partners, which has a corpus of USD 730 million.
"Everstone has significant experience in the healthcare sector and this is its fourth investment and (we) will be looking at more opportunities in this space," Everstone Group's managing director Amit Manocha, who is also on the board of Everlife, said.
Similar to Everlife, it is an investor in a leading domestic pharma distribution platform Ascent and has since been scaled up rapidly.
Other Everstone investments in the healthcare area are Rubicon, a domestic drug delivery technology company, as well as OmniActive, a supplier of naturally sourced ingredients for eye health, weight management and heart care.
In 2015, the fund had exited Global Hospitals, a large multi-speciality tertiary hospital chain.
Chemopharm is headquartered in Malaysia and has operations in Singapore, Thailand, Indonesia, Vietnam and the Philippines. It is a leading player in the Southeast Asian medical devices/equipment market that is growing at 10 to 15 per cent annually.
Founded in 1976, Chemopharm represents over 50 principals and caters to over 4,000 customers, including hospitals, labs and research facilities.
The Everstone Group has assets under management of around USD 4 billion and employs over 200 people across six offices in Singapore, Mumbai, New Delhi, Bengaluru, Mauritius and London.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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